$8)$ Your company plans to borrow $$6$ million for $12$ months, and your banker gives you a stated rate of $12$ percent interest. You would like to know the effective rate of interest for the following types of loans. $($Each of the following parts stands alone.$)$

a$)$ Simple $12$ percent interest with a $10$ percent compensating balance.

b$)$ Discounted interest, with no compensating balance. must be written out and not solved in excel